Stellar (XLM) Surges 20% as Stripe Considers Adding Support
Global payment giant Stripe plans to phase out Bitcoin and explore support for Stellar (XLM), sparking a significant price surge.
The cryptocurrency Stellar (XLM) experienced a sharp increase of approximately 20% on Wednesday after Stripe, a leading online payment platform, announced it is contemplating integrating Stellar support as it phases out Bitcoin. This shift comes amid Bitcoin’s growing transaction delays, which now exceed 24 hours, compared to Stellar’s rapid 2 to 5-second transaction times.
Trading at $0.57 on Wednesday afternoon, XLM rose around 13.3% following the news, according to CoinMarketCap. Back in May 2017, Stellar was valued at less than half a cent. Since then, it has climbed to a market capitalization of $10.3 billion, making it the sixth-largest cryptocurrency worldwide.
Stripe will officially discontinue Bitcoin payments on April 23, ending a four-year acceptance period. The company noted, "Bitcoin has evolved more as a store of value than as a practical payment method," citing issues such as increased transaction confirmation times, higher failure rates, and rising fees. Stripe concluded that Bitcoin’s utility for payments is diminishing.
Potential Revival for Bitcoin?
Tom Karlo, Stripe’s product manager, shared in a company blog that the firm "may add support for Stellar, which we helped seed fund, if its adoption continues to grow significantly." Stellar is among several cryptocurrencies Stripe is evaluating, alongside others like Ethereum, as the company closely monitors the evolving crypto ecosystem. Stripe has not ruled out Bitcoin’s potential to regain viability as a payment option in the future.
Stripe facilitates transactions for over 100,000 businesses worldwide, including notable clients such as Warby Parker, Under Armour, Target, Blue Apron, and OpenTable.
Disclaimer: Investing in cryptocurrencies and Initial Coin Offerings (ICOs) involves substantial risk and speculation. This article is not financial advice. Individuals should consult qualified professionals before making investment decisions. The author holds cryptocurrency as of the publication date.
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